The Niagara Association of REALTORS® (NAR) reported 428 property sales processed through the NAR Multiple Listing Service (MLS®) System in January 2019. This represents a 15.4% increase in sales compared to January of last year.
The residential average sale price of $403,659 was 16% higher than last January. The average days on market increased from 46 to 50 in the residential freehold market and decreased from 54 to 51 in the condominium market.
“Given the impact of last year’s new mortgage stress test, it is not surprising that sales are still running below the record 2015 through 2017 period; however, aside from those years, January 2019 still saw the best start to any other year in the last decade, and certainly we’ve seen some improvement from where the market was at this time in 2018,” said Carolyn Bones-Poley, Chief Executive Officer of the Niagara Association of REALTORS®.
“Homebuyers have a little more to choose from to start 2019 than they had last year and the year before. That said, current inventories are still less than half the long-run average for this time of the year, which is why prices have been able to hold onto the gains of the last few years,” said Carolyn Bones-Poley, Chief Executive Officer of the Niagara Association of REALTORS®. The MLS® Home Price Index (HPI), tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price for the Niagara Region was $391,300, up 7% in January 2019 compared to January 2018. The benchmark price for single-family homes was $398,500, up 7% on a year-over-year basis in January. By comparison, the benchmark price for townhouse/row units was $316,400, up 4.1% compared to a year earlier while the benchmark apartment price was $277,600, rising 12%